Market Recap - The bears’ counter-attack
29/05/2024

Summary

▶ On Wednesday's trading session, the market had a reversal session when selling pressure appeared strongly at the end of the session. Market volume improved significantly and exceeded the 20-session average.

▶ At the end of the trading session, VN-Index decreased 9.09 points (-0.71%), reaching 1,272.64 points; HNX-Index decreased 1.43 points (-0.58%), reaching 244.15 points. Market volume reached VND 25.43 trillion, equivalent to about 1,072.5 million shares traded. Foreign investors were net sold of VND 1,656.44 billion, focusing mainly on CTG, HPG, and VND.

▶ Technical perspective: Selling pressure appeared at the 1,280 resistance area at the end of the afternoon session, causing the market to drop more than 9 points. The Large cap groups were under pressure to take profits today, especially banking group. In the base case, VN-Index continues to maintain within the range of 1,230-1,280 points with a cautious mentality maintained throughout many trading sessions. In a positive case, if VN-Index breaks above the 1,280-1,300 range, it will be a good buying signal for the holding cash team. VN-Index is trading above EMA50, showing the main trend in the medium and long term is still an upward trend.

Strategy: Investors should buy at support areas corresponding to the 1,250 area of the market if the market accumulates successfully. Consider lowering your weight if VN-Index breaks support at 1,240-1,250 points.

Category
Daily
Author
Phuc Nguyen
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